The asset you deposit and leverage against on Morpho. Examples: sUSDe, wstETH, ETH. Correlated Pair
A market where the collateral and loan token track each other in price, such as sUSDe/USDC or wstETH/WETH. Lower liquidation risk. Yield fee applies on profits at close. Deleverage
Closing a leveraged position. The protocol repays your debt via flash loan, withdraws your collateral, swaps back to the loan token, and returns the remainder to you in one transaction. Deposit Fee
An upfront fee on capital entering non-correlated positions. Charged on
leverage(), supplyCollateral(), and repay(). Currently 0%, maximum 1%.
Flash LoanA loan borrowed and repaid within the same transaction, requiring no upfront collateral. Morpho provides flash loans at zero cost. Spiral Stake uses them to open and close leveraged positions atomically. FlashLeverage
The core protocol contract. Orchestrates the full position lifecycle: opening, managing, and closing leveraged positions using flash loans. FlashLeverageRouter
An entry point contract that allows users to swap any token into the required collateral and open a leveraged position in a single combined transaction. Liquidation
When a position’s LTV exceeds Morpho’s liquidation threshold, liquidators repay the debt and claim the collateral. Depending on how far underwater the position is, the user may receive little or nothing back. Liquidation Buffer
A 0.25% safety margin enforced below Morpho’s liquidation LTV. The protocol will not create or modify a position that exceeds this bound. It is a hardcoded compile-time constant and cannot be changed after deployment. Loan Token
The token borrowed from Morpho to create leveraged exposure. Examples: USDC, WETH, USDT. LTV (Loan-to-Value)
Borrowed amount divided by collateral value. Higher LTV means more leverage and less room before liquidation. Manual Mode
An emergency feature where the contract owner unlocks a specific UserProxy upon request from the position owner. Once enabled, the position owner can interact with Morpho directly to repay debt or withdraw collateral, used when atomic deleverage is not possible. Morpho
The underlying lending protocol that provides the borrowing, lending, flash loan, oracle, and liquidation infrastructure that Spiral Stake is built on top of. Non-Correlated Pair
A market where the collateral and loan token move independently in price, such as ETH/USDC or wBTC/USDC. Higher liquidation risk. Deposit fee applies on capital inflows instead of a yield fee at close. Slippage Protection
The
minTokenOut parameter passed on every swap. If the swap output falls below this value, the transaction reverts. Protects against sandwich attacks and poor execution.
Swap RouterAn external DEX aggregator approved by the protocol owner for executing token swaps within the protocol. Examples: KyberSwap, Odos. Only whitelisted routers can be used. UserProxy
A minimal clone contract deployed for each position at open. Holds the position’s collateral and debt on Morpho in isolation. Problems with one position cannot affect any other user or position. Yield Fee
A performance fee on realized profits when closing a correlated pair position. Currently 5%, maximum 10%. Only charged if the position returns more than was deposited. No fee on break-even or losing positions. Yield Spread
The difference between what your collateral earns and what it costs to borrow against it on Morpho. When positive, leverage amplifies this spread. When negative, the position runs at a loss.